New Member from Castle Rock, Colorado

19 Replies

Hi there, 

My name is Jim Shirley and I live in Castle Rock, Colorado. I grew up in Colorado Springs. I lived in Denver (Washington Park / DU areas) for 10+ years and also lived in both Crested Butte and Gunnison.

Background: I work in the mutual fund / financial industry and that is my day job. 

I worked as a mortgage lender in the Crested Butte / Gunnison area 2003 - 2005 so I got to know a little about resort area lending (and lending in general). 

I've owned 2 properties that were rentals while I was not living in them. I was naive and didn't know what I was doing though in terms of analyzing the numbers. I was making money over the mortgages because I bought the properties cheap. But if I had figured in vacancy rates and the various other expenses I'm sure they were losing me money.  Anyway, both properties were sold about 10 years ago.

I learned a great deal from renting to friends, renting to good tenants, and renting to bad tenants (and dealing with neighbors and HOA's). For example, if you have a rental property in a place where temperatures routinely go below freezing in the winter, does your lease include a requirement that the tenant needs to keep the furnace / heat on and at a minimum temperature? We had tenants turn the heat OFF in the condo before leaving town for Christmas (and they didn't even have to pay utilities!). I got a nice call on Christmas morning to let me know we had pipes burst and our condo was flooded. And the HOA ended up fighting with us over whether they should vote to approve covering the damage through the HOA insurance policy. I'm not sure that having the note in the lease about keeping the heat on in the Winter really stands up in court - but it did at least help us remember to go over it with new tenants.

Goals: I look forward to getting back into real estate investment in 2016. My goal is to find a buy and hold property to rent out. I want to master the fundamentals of valuing SFR and small multi-family properties. I will be trying to seek out a prospective mentor and I hope this year to find ways to help that person and develop a good relationship with them. And last but not least, build a team of professionals to help me.

I kind of wonder about trying to get my real estate license - but I'm not sure if that would be a distraction or if it would be a help. 

Thanks for reading! I look forward to meeting you.

Jim

Welcome @Jim Shirley . You're a day late for the Denver meetup which last night was the biggest one yet, but we have them every month. It's great that you already have some experience in the field as it will be helpful with all of the current competition going on. 

@Jim Shirley Welcome to the site and back to RE Investing. Good luck jumping back in with a rental this year. The market is exciting right now. Let me know if I can help.

@Dan Mackin - thanks for the welcome and info about the meetup. I just found the schedule of dates so guess I'll see you at the next one in Feb. 

@Colin Smith - thanks for the welcome. In terms of where I want to invest, I want to focus on Colorado and from there I'm planning to start by analyzing smaller towns. I see Denver (and possibly even Colorado Springs) as too hot / fast moving for someone like me who has so much to learn. Pueblo, Canon City, possibly Colorado Springs, and even here in Castle Rock - those are places where I will be looking. I know I have a lot to learn because I'm not 100% sure how to answer your question about turnkey vs. something more complicated. ;)

@Travis Sperr - thank you!

@Jim Shirley Hi and welcome to BP!  I think @Colin Smith meant by turnkey is something relatively passive like working with a company that locates, purchases, rehabs, and places tenant for you, and then continues to manage the property, as oppossed to building your own team, and being much more actively involved right down to managing the property yourself.

Welcome Jim! I am still fairly new to BP as well. Also been in residential and commercial lending since 1995. I agree that you should look into some of the MeetUps.com events here in Colorado. I live in Parker, CO but go out to several of the RE Investor based Meetups every chance I get. They are great for networking and even finding good deals.

@Jim Shirley

Welcome aboard the vibrant BP community. You already have some experience and with additional effort, will quickly climb the REI ladder to its pinnacle.

Since your interest lies in multifamily units I added the below links for your review.

https://www.biggerpockets.com/renewsblog/2015/06/1...

https://www.biggerpockets.com/renewsblog/2014/03/13/investing-multifamily-ben-leybovich/ (Podcast 061 - How to succeed in multifamily investing)

https://www.biggerpockets.com/renewsblog/2013/04/09/how-to-buy-a-small-multifamily-property/ (How to buy a small multifamily property)

https://www.biggerpockets.com/renewsblog/2015/11/16/how-to-choose-areas-multifamily-deals/ (Choosing multi-family deals)

http://www.biggerpockets.com/renewsblog/2014/07/19/how-to-buy-a-duplex/ (guide to buying a duplex)

https://www.biggerpockets.com/renewsblog/2013/12/12/bp-podcast-048-duplex-managing-tenants-darren-sager/ (Duplex investing)

To be more successful, you simply have to work on the other elements to progress your REI pursuit. Below are some quick links to get engaged on this site.

REI books suggested by BPers

http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?utm_source=search&utm_medium=internal&utm_campaign=books

Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.

Feast on the Podcasts, #askbp Podcasts, blogs and webinars

Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

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